Hong Kong shares slip, several Chinese firms plunge

The Hang Seng index fell 0.2 percent, to 27,523.72, while the China Enterprises Index lost 0.7 percent, to 14,132.16 points.

After April's 13 percent rally, "the Hong Kong market is in a consolidation stage, and investors are waiting for new excitement," said Alex Kwok, Hong Kong-based strategist at China Investment Securities (HK).

Goldin Financial Holdings and Goldin Properties Holdings fell more than 60 percent in Hong Kong at one point, wiping about $23 billion off the value of the companies. They ended the session down about 40 percent.

Their tumble follows that of Hanergy Thin Film Power Group Ltd, which on Wednesday dropped nearly 50 percent before a halt in trading. A source later told Reuters the Chinese company is under investigation by Hong Kong's securities watchdog.